What’s Pushing Bitcoin Up – It Is Just Hit $8,000

The bitcoin price has today climbed above the $8,000 mark for the first time since mid-May — leading many to predict a return to the bull run that last year powered bitcoin to almost $20,000.

The latest boost for bitcoin comes after a week that saw it add almost 20% to its price on the back of news that established financial giants are looking to get in on bitcoin and cryptocurrencies, and a raft of positive regulatory news around the world.

Meanwhile, the so-called bitcoin dominance rate — a measure of how much of the total cryptocurrency market is controlled by bitcoin — rose to 47% this week, the highest level since December last year, according to CoinMarketCap data.

The U.S. Securities and Exchange Commission (SEC) is mulling whether to approve the ETF, which was filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.

If approved a bitcoin ETF would mean people are able to buy into bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust.

The website reports that two sources, one at the SEC and the other at the U.S. Commodity Futures Trading Commission (CFTC), have said they are “nearly certain” that the bitcoin ETF will get approval — a decision that many are expecting around August 15.

“I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges,” one of the ICO Journal’s unnamed sources, from the CFTC, reportedly said. “The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”

The ICO Journal’s second source, from the SEC, expects the decision to come in September but is still upbeat: “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space.”

Elsewhere, news that BlackRock, the world’s largest asset manager, is keen on bitcoin and cryptocurrency is still powering bitcoin onwards, with investors hoping a surge of instituational money will drive fresh demand for the digital coins.

According to Solomon, Goldman Sachs is already offering clients publicly-traded derivatives tied to bitcoin but in an interview with Bloomberg he said the bank must “evolve its business and adapt to the environment.”

Enthusiast and Supporter of the Blockchain Technology. Studied at Economic Science in Qafqaz University & MBA in Azerbaijan State Economic University, had experience in banking sector. Now businessman and investor.

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